According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ronald Molo (Molo), previously associated with Edward Jones, has at least 6 disclosable events. These events include 3 customer complaints, 3 regulatory events, alleging that Molo recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on November 08, 2023.
The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Ronald T. Molo. In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept. The Commission finds that: on September 27, 2022, in the civil action Case No. 21-cv-6286, in the United States District Court for the Northern District of Illinois, a judgment by default was entered against Molo permanently enjoining him from participating, directly or indirectly, in the issuance, purchase, offer, or sale of any security, including inducing or attempting to induce the purchase or sale of any security, or causing any person or entity to engage in any activity for the purpose of inducing or attempting to induce the purchase of sale of any security, or deriving compensation from any activity engaged in for the purpose of inducing or attempting to induce the purchase or sale of any security, and further including but not limited to, participating in the issuance, purchase, offer, or sale of any security through an entity that Molo owns or controls; provided, however, that such injunction shall not prevent Molo from purchasing or selling securities listed on a national securities exchange for his own personal account. The Commission’s complaint alleged that between January 2019 and November 2020, Molo misappropriated a total of approximately $800,000 from two of his investment advisory clients and one of his brokerage customers. On December 1, 2022, Molo pled guilty to one count of wire fraud in violation of Title 18 United States Code, Sections 1343 before the United States District Court for the Northern District of Illinois Eastern Division, in Criminal Case No. 1:21-CR-698. On May 23, 2023, a judgment in the criminal case was entered against Molo. He was sentenced to a prison term of 24 months, followed by two years of supervised release, and he was ordered to pay restitution in the amount of $710,308. The count of the criminal indictment to which Molo pled guilty alleged, inter alia, that from approximately 2018 through June 2021, Molo, while employed by a large financial institution as a licensed financial advisor, conducted a scheme to defraud and obtain money from clients through materially false and fraudulent pretenses, representations, and promises. As part of the scheme, Molo falsely advised multiple clients that he had a good investment opportunity for them, supposedly involving tax-exempt, interest-bearing bonds or bond funds. In reality, this investment opportunity did not exist. As part of the scheme, Molo fraudulently induced clients to transfer funds to his personal bank account, and Molo then converted client funds for his own personal use.
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